Companies raise $210m in VC funding in 2019 so far

Global clean energy communications and consulting firm, Mercom Capital Group, has released its report on funding and mergers & acquisitions (M&A) activity for the Battery Storage, Smart Grid, and Energy Efficiency sectors for the first quarter (Q1) of 2019. In Q1 2019, $210m was raised by Battery Storage, Smart Grid, and Energy Efficiency companies, a decrease from the $472m raised in Q1 2018.

Battery storageTotal corporate funding (including VC, Debt, and Public Market Financing) in Battery Storage came to $130m in nine deals compared to $110m in 14 deals in Q4 2018. In a year-over-year (YoY) comparison, $299m was raised in 12 deals in Q1 2018.

Venture capital (VC) funding (including private equity and corporate venture capital) raised by Battery Storage companies in Q1 2019 came to $78m in seven deals down significantly compared to $299m raised in 12 deals in Q1 2018 but up quarter-over-quarter compared to $67m in 11 deals in Q4 2018.

The top VC funded Battery Storage companies this quarter were: Zenobe, which raised $32m from Jera and Tokyo Electric Power Company (Tepco); Sunfire secured $29m from Paul Wurth, Inven Capital, Idinvest Partners, Total Energy Ventures, and Sunfire Entrepreneurs Club; and $17m was raised by Ambri.

In Q1 2019, announced debt and public market financing for Battery Storage technologies increased to $52m in two deals, compared to $44m in three deals in Q4 2018, an 18% increase. There were no debt and public market financing deals announced in Q1 2018.

There were four M&A transactions involving Battery Storage companies in Q1 2019, of which only one disclosed its transaction amount. There were four undisclosed M&A transactions in Q1 2018.

There was one undisclosed project M&A transaction in the Battery Storage category in Q1 2019. In Q4 2018, there were two project M&A transactions, of which only one disclosed the transaction amount. There were no Battery Storage project M&A transactions in Q1 2018.

Smart gridTotal corporate funding in Smart Grid came to $32m in 16 deals compared to $272m in ten deals in Q4 2018. In a YoY comparison, $1.3m was raised in nine deals in Q1 2018.

VC funding for Smart Grid companies decreased in Q1 2019 with $32m in 15 deals compared to $266m in nine deals in Q4 2018. In Q1 2018, $75m was raised in seven deals. The decrease in funding was largely due to ChargePoint’s $240m deal in the fourth quarter.

One million dollars was raised in one debt financing deal in Q1 2019, compared to $6m raised in one deal in Q4 2018. In a YoY comparison, $1.25bn was raised in two debt financing deals in Q1 2018.

Nine M&A transactions were announced in Q1 2019, of which one disclosed the transaction amount, compared to three undisclosed transactions in Q4 2018. In a YoY comparison, there was one undisclosed M&A transaction in Q1 2018.

EfficiencyTotal corporate funding in Energy Efficiency came to $155m in two deals compared to $1.3bn in eight deals in Q4 2018. In a YoY comparison, $104m was raised in five deals in Q1 2018.

VC funding raised by Energy Efficiency companies in Q1 2019 was $100m in one deal compared to $1.2bn in seven deals in Q4 2018. The prior quarter total was skewed due to View’s $1.1bn deal. In a YoY comparison, $98m was raised in four deals in Q1 2018.

Five investors participated in VC funding this quarter. Debt and public market financing for Efficiency companies fell to $55m in one deal this quarter compared to $65m in one deal in Q4 2018. In Q1 2018, there was also one deal for $6m.

In Q1 2019, there was one M&A transaction (disclosed) while in Q4 2018, there were four M&A transactions (one disclosed). In Q1 2018, there was one undisclosed M&A transaction in the Energy Efficiency sector.

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